-The Telegraph The enormity of the real challenge before Manmohan Singh is far higher than that posed by Mamata Banerjee. A “perfect storm” is gathering around the economy, according to a Centre-commissioned report packed with suggestions for a series of tough measures that will affect daily life and test the government’s resolve to wade further into unpalatable waters. The report presented by the Vijay Kelkar panel, which was asked to suggest a road...

-NDTV The Kelkar committee has said subsidies pose the greatest risk to the country's fiscal SITuation, while suggesting that the excise and service tax rates should be cut to 8% over the next few years. The panel calls for the need to step up disinvestment drive in state-run firms for fiscal consolidation. It says diesel should be deregulated by 2014 and all subsidy on cooking gas be cut by 2015. All subsidies must be...

-The Economic Times The government appears to have developed cold feet over implementing Kelkar panel's recommendations to slash subsidies drastically at a time when it is facing backlash for raising diesel prices and capping subsidised cooking cylinders. The report, which has been put out for public comments, warns that India is on the edge of a fiscal precipice. A senior finance ministry official has said that the report has not been accepted...

-Outlook Lawyer Prashant Bhushan today accused the government of misleading people by selectively quoting the judgement on Presidential reference on 2G verdict, claiming it clearly spelt out that auctioning was the way to go when commercial purpose and profiteering was involved. He alleged that the government has gone on an "overdrive" after the Supreme Court's opinion on the 2G presidential reference, to project the judgement as a vindication of the government's policies. "They...

-NDTV The Supreme Court has said that it will not heSITate in stopping the work at Kudankulam nuclear power plant if it finds that safety measures at the plant in Tamil Nadu are unsatisfactory. The court made these observations while hearing an appeal against the Madras High Court order that allowed fuel loading at the plant. A bench of justices K S Radhakrishanan and Deepak Misra said the safety of plant and...